Update: Wow, this thing moved fast. Both Verizon and Alltel are reporting that the the acquisition is now official, with the aggregate value of the transaction being $28.1 billion. Both companies stated that they would like to have the deal completed by the end of the year.
UK-based telecom Vodafone, which has a 45% stake in Verizon, confirm yesterday’s rumors of the big V’s interest in Alltel, the fifth-largest American carrier. The magic number floating around for the Alltel bid is no less than $27 billion.
Vodafone confirms that Verizon Wireless is in advanced discussions regarding the potential acquisition of Alltel Corp. There is no assurance that a transaction will be forthcoming,” the company said in an announcement to the London Stock Exchange.
The acquisition would be the biggest telecom deal since AT&T bought BellSouth in 2006. Adding Alltel’s 13.2 million subscribers to Verizon’s 67.2 million would make them the largest US carrier, usurping AT&T’s 71.4 million customers. Maybe then they’ll get BlackBerrys faster.
What do you think, guys and gals? Is Alltel worth that much, or is it just a play to be number one?